# Question

Following is selected financial information of Act First for the year ended December 31, 2010.
Retained earnings, Dec. 31, 2010 . . . . . . \$10,500
Cash dividends . . . . . . . . . . . . . . . . . . . . . \$ 2,000
Net income . . . . . . . . . . . . . . . . . . . . . . . . 7,000
Retained earnings, Dec. 31, 2009 . . . . . . 5,500
Required
Prepare the 2010 statement of retained earnings for Act First.

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